13.6°C Vancouver

Apr 30, 2020 5:27 PM -

Budget officer says federal deficit could top $252 billion

Share On
Parliament's budget watchdog says that it's likely the federal deficit for the year will hit $252.1 billion as a result of the COVID-19 pandemic.

The figure is an estimate based on the almost $146 billion in spending measures the government has announced to help cushion the economic blow from the pandemic, estimated declines in the country's gross domestic product, and the price of oil remaining well below previous expectations.

Parliamentary budget officer Yves Giroux's report assumes real GDP will contract by 12 per cent this year, and help shoot the federal debt-to-GDP ratio to 48.4 percent.

The report out this morning says the debt ratio could keep rising if some of the emergency aid measures are extended or made permanent.

Giroux says extra spending may be required if the situation persists for longer than expected, or the economy is slow to recover when restrictions are lifted.

His report says the estimates are one possible scenario if current public health measures remain or are slowly, but not entirely, lifted over the rest of the calendar year.

Latest news

police-cleared-in-fatal-2024-shooting-of-woman-in-surrey-b-c
BCSep 26, 2025

Police cleared in fatal 2024 shooting of woman in Surrey, B.C.

British Columbia's independent police watchdog says an officer was justified in using lethal force in the fatal shooting of a woman threatening her baby.The Independent Investigations Office says in a report released Friday that on Sept. 19, 2024, the Surrey, B.C., officer shot the woman who was holding scissors to her baby's neck.The report says the situation was made worse because the woman spoke little to no English, and there were no Spanish speaking services available other than the use of Google translate.Police had responded to a call after someone reported the woman breaking things and
vpd-investigates-pedestrian-fatality
BCSep 26, 2025

VPD investigates pedestrian fatality

Vancouver Police are investigating a pedestrian fatality that occurred last night, and are asking anyone with information to call police. The pedestrian, a 38-year-old man, was struck by a white Tesla at the intersection of Terminal Avenue and Western Street September 25 just before 8:30 p.m. Despite life-saving attempts from first responders, the pedestrian died at the scene. The driver of the Tesla remained at the scene. Speed and impairment are not considered factors in the collision. Anyone with information is asked to call VPD’s Collision Investigation Unit at 604-717-3012.
canada-not-part-of-mass-walkout-when-israel-pm-netanyahu-spoke-at-un-general-assembly
CanadaSep 26, 2025

Canada not part of mass walkout when Israel PM Netanyahu spoke at UN General Assembly

Canada was not part of a mass walkout this morning during Israeli Prime Minister Benjamin Netanyahu's address to the United Nations General Assembly. The office of Canadian Ambassador Bob Rae says he remained seated during Netanyahu's address as dozens of diplomats from other countries walked out of the chamber. The official presiding over the speeches had to call for order multiple times as delegations, including many from developing countries, rose to leave the room. In his speech, Netanyahu said the "disgraceful decision" by countries like Canada to recognize a Palestinian state will encour
talks-to-resume-between-b-c-government-and-its-public-service-union
BCSep 26, 2025

Talks to resume between B.C. government and its public service union

Talks are resuming between the union representing British Columbia's public service workers and the provincial government. Paul Finch, president of the BC General Employees' Union, says the government has reached out to the union saying it has a new offer and negotiations will start again on Monday. Finch says union pickets will remain up. The union has been conducting escalating strike action over the last four weeks, with up to 15,000 workers conducting job actions including picketing and overtime bans. Finch told a gathering in Victoria that there has been unprecedented level
WorldSep 26, 2025

Transportation Department tightens noncitizen truck driver rules after fatal crash in Florida

The Transportation Department will immediately tighten up the requirements for non-citizens to get commercial drivers licenses after three fatal crashes this year in Florida, Texas and Alabama that officials say were caused by immigrant truck drivers who never should have received licenses. The nationwide audit of these licenses began after a fatal U-turn crash in Florida that killed two people caused by a truck driver who officials said was in the country illegally. Transportation Secretary Sean Duffy said also threatened to revoke $160 million in federal funding for California because inve

Related News